Tesla's Q3 Profits Drop 44% Amid Price Cuts and Missed Estimates
TL;DR Summary
Tesla's profits in the third quarter dropped by 44% after the automaker slashed car prices by around 25% in an effort to maintain its dominance in the electric vehicle market. CEO Elon Musk also dampened expectations for the upcoming Cybertruck, stating that it would take at least 18 months to become profitable. Despite the price cuts, Tesla's share of the US electric vehicle market fell to 50% in Q3 from 60% in Q1, facing increased competition from other automakers. The company's stock price fell after the announcement.
- Tesla's Profits Plunge 44% After Big Price Cuts The New York Times
- Tesla Q3 earnings: Here's what to expect CNBC Television
- Tesla earnings: Q3 revenue and profit miss estimates; Cybertruck deliveries to begin in November Yahoo Finance
- Breaking Down Tesla's Third-Quarter Earnings Bloomberg Television
- Tesla (TSLA) earnings Q3 2023 CNBC
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